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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Do you know anyone that is being affected by the housing/mortgage crisis?
How close to home is the housing/mortgage crisis hitting you? Anyone you know getting hit with ARM's adjusting and cant afford their monthly payments? cant refinance cause the value of the house is worth less than what they owe? or even other scenarios?
this whole thing just sux and i found out today that a coworker might lose their house because her monthly payment jumped up by over $1k a month and she cant afford it! i hate this whole thing! so sad for everyone all around!  
Message edited 10/13/2008 6:48:34 PM.
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Posted 10/13/08 6:47 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
has your co-worker looked into a loan modification?
FM me if you would like more info
ETA- yes- I have a close family member that in his words "Took a gamble and lost"
as much as I want to feel bad for him- he wasn't even paying his rent on his own when he decided to purchase his house
he re-fied the first day he could- and used that money to pay the mortgage
it's no surprise that he can't keep up with the $4K a month payment- he couldn't keep up with $1300 a month rent
and he was a mortgage broker- he should have known better- now this house is fallening apart and is worth half what he owes (which is 20% more then he paid)
it would be in his best interest to run far away from this house and start over
Message edited 10/13/2008 7:09:35 PM.
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| Posted 10/13/08 7:03 PM |
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siffleuse319
LIF Infant
Member since 8/08 189 total posts
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
it would be in his best interest to run far away from this house and start over
What do you mean by this?
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| Posted 10/13/08 7:16 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by siffleuse319
it would be in his best interest to run far away from this house and start over
What do you mean by this?
it's in foreclosure- he is about 8 months behind- there isn't much that can be done to save it
he can't afford it- he never could
but b/c of the location- he might be able to get help from the county - they are working with home owners - trying to reduce the amount they owe to what the house is worth - but I would rather see him go back to renting
Message edited 10/13/2008 7:22:02 PM.
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| Posted 10/13/08 7:21 PM |
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siffleuse319
LIF Infant
Member since 8/08 189 total posts
Name:
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
trying to reduce the amount they owe to what the house is worth
I didn't know that counties were doing this. Where does he live? And, I'm sorry to hear that he's down and out with this housing mess. I wish him well!
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| Posted 10/13/08 7:23 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
I don't know anyone...but people should know their options.
In this bailout, if 31% or more of your GROSS goes to household expenses (mort, ins, taxes) you can refi into a HUD insured loan.
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| Posted 10/13/08 7:24 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by siffleuse319
trying to reduce the amount they owe to what the house is worth
I didn't know that counties were doing this. Where does he live? And, I'm sorry to hear that he's down and out with this housing mess. I wish him well!
Palm Beach County, FL
there are 50 short sales in the 2 block radius of his house
he'll be ok, he needs a jolt back down to reality
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| Posted 10/13/08 7:25 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by Erica
I don't know anyone...but people should know their options.
In this bailout, if 31% or more of your GROSS goes to household expenses (mort, ins, taxes) you can refi into a HUD insured loan.
there are alot more requirments then that...
the government doesn't make it easy
this is the 4th bill that has measures for people in foreclosure etc- but very few people are able to be helped
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| Posted 10/13/08 7:30 PM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Know personally, no.
In CA, my aunt's next door neighbor walked away from the house. 
There was a long article about this trend in the NYT a few months back. Interesting reading, especially for those who have no/low money down mortgages.
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| Posted 10/13/08 7:31 PM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
DH's cousin's house was foreclosed. (This is OOS.)
They built a house while trying to sell their townhouse. They couldn't sell it, the market was flooded with brand new townhomes, and her parents ended up buying 90% of it.
While they lived in this big brand new house, they decided to build yet another one. They were hoping to make so much money of their first house and roll it into the second one but the market fell out.
So they are back in the townhouse, renting from her parents. And it's worth about 1/2 what they had originally bought for. This was all in a 3 year timespan. 
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| Posted 10/13/08 7:47 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
My friends are losing their house...he is a contractor and business is wayyyy down so they haven't been able to make their payments for the last few months. They tried a short sale but the bank wouldn't agree to it cuz the value of their house has dropped so much...they are now just going to let it go into foreclosure as they have no other options.
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| Posted 10/13/08 7:57 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by Erica
In this bailout, if 31% or more of your GROSS goes to household expenses (mort, ins, taxes) you can refi into a HUD insured loan.
Isn't this the case for many Long Islanders than with the $$$ of taxes? I know we have had this convo. on here many times and many girls admitted that around 40%+ goes to their mortgage and taxes.
Do you have to be in bankruptcy or default on your loan to be applicable?
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| Posted 10/13/08 8:11 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
I don't know anyone personally, but it's really sad seeing people walking away from their houses.
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| Posted 10/13/08 8:19 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
I know several people-one couple both of whom were in the mortgage business decided to buy more house than they could afford at the height of the market & do an I/O ARM. Turns out that wasn't so smart since their income has basically become non-existent. They are working on career changes now. They are seriously considering walking away & moving OOS. Its mind boggling to me that people "in the business" did this to themselves.
My Aunt & Uncle sold their lifelong house upstate in the hopes of retiring to Florida after a family tragedy. They bought an older house at the height of the FL market. Their plan hinged on them selling their businesses upstate which didn't work out as planned, two hurricanes later & tons of damage they tried selling the FL house but by then the bottom was falling out & their property taxes & homeowners went through the roof. Thankfully they were able to short sell & they are still living upstate in what was once a seasonal vacation home that they converted for year round living.
The tenants that live in one of my rentals did a short sale on their house.
There are more people I 'know' through other people as well.
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| Posted 10/13/08 9:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by jellybean1420
Posted by Erica
In this bailout, if 31% or more of your GROSS goes to household expenses (mort, ins, taxes) you can refi into a HUD insured loan.
Isn't this the case for many Long Islanders than with the $$$ of taxes? I know we have had this convo. on here many times and many girls admitted that around 40%+ goes to their mortgage and taxes.
Do you have to be in bankruptcy or default on your loan to be applicable?
you have to have proof that you can't pay the current loan, you have to pay all types of fees and closing costs
and then agree to share the equity in your house with the FHA-
Read THIS
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| Posted 10/13/08 9:25 PM |
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
I am affected in the sense that I really, really want to sell and can't. No one wanted to buy it between Jan and July when it was on the market, and now there is no point at all in re-listing. But I am grateful that we are able to pay everything without too much stress.
It does sort of suck, though, to want to move and not be able to, and we stayed within our means. We aren't even looking to upgrade; we just want to be closer to our familiy. Who would have thought it would be so hard?
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| Posted 10/13/08 9:38 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by Beth1210
Posted by jellybean1420
Posted by Erica
In this bailout, if 31% or more of your GROSS goes to household expenses (mort, ins, taxes) you can refi into a HUD insured loan.
Isn't this the case for many Long Islanders than with the $$$ of taxes? I know we have had this convo. on here many times and many girls admitted that around 40%+ goes to their mortgage and taxes.
Do you have to be in bankruptcy or default on your loan to be applicable?
you have to have proof that you can't pay the current loan, you have to pay all types of fees and closing costs
and then agree to share the equity in your house with the FHA-
Read THIS
See now this just really pi$$es me off. Our mortage is more than 31% of our gross income. My house is easily worth $75,000 less now than when we bought it but we make our payments every month, suck it up to a life long investment and deal with it.
SO why is it that people who bit off more then they can chew get a break and the people who do the right thing do not? I would love to have a smaller mortgage payment...so should we be those people and stop making our payments so we can qualify for this "break"??? Of course not. We would never do that because it is WRONG but still it is just not fair....
Sorry to vent......
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| Posted 10/13/08 9:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by niikki-8-18-06
[
See now this just really pi$$es me off. Our mortage is more than 31% of our gross income. My house is easily worth $75,000 less now than when we bought it but we make our payments every month, suck it up to a life long investment and deal with it.
SO why is it that people who bit off more then they can chew get a break and the people who do the right thing do not? I would love to have a smaller mortgage payment...so should we be those people and stop making our payments so we can qualify for this "break"??? Of course not. We would never do that because it is WRONG but still it is just not fair....
Sorry to vent......
 did you read the link?
it is actually a horrible program IMO
not only all there tons of fees invloved
BUT the government gets a peice of your HOUSE
it's not exactly a hand out- more like a hand over 
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| Posted 10/13/08 9:50 PM |
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bayla
Love my two kiddos :)
Member since 8/06 7178 total posts
Name:
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Posted by MrsProfessor
I am affected in the sense that I really, really want to sell and can't. No one wanted to buy it between Jan and July when it was on the market, and now there is no point at all in re-listing. But I am grateful that we are able to pay everything without too much stress.
It does sort of suck, though, to want to move and not be able to, and we stayed within our means.Who would have thought it would be so hard?
we are in the same boat..we are ready for a house (we live in a condo currently) our place is on the market..and no one is even looking
Message edited 10/13/2008 10:09:18 PM.
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| Posted 10/13/08 10:08 PM |
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thiadora
Happy Little Girl
Member since 5/05 3830 total posts
Name:
Thia (Cynthia)
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
I was personally affected by this a year ago (but probably not in the way that you might mean). I work in the title insurance industry. Last year at this time, the company I worked for laid off two people and cut the entire staff to working 4 days a week. (And that ends up being a much bigger pay cut than you would realize.)
Then business still hadn't picked up and I was laid off last February. I was out of work for 2 months and then started with a different company.
I am seeing a lot of short sales and properties under foreclosure coming across my desk.
I also know many people who have already lost their jobs because of this. There was an underwriter, United General, a subsidiary of First American. They closed the entire office a couple of months ago and canceled all of the agencies that were writing through them. So many people were put out of work because of this And there are really no jobs for them to go to.
I am very thankful to be working right now. However, there is always that fear that I could loose my job at any second.
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| Posted 10/13/08 11:17 PM |
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bird382
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Member since 7/07 1712 total posts
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
My neighbor foreclosed and had to be forcibly removed from his home.
Over the course of a year, he got divorced and lost his business.
Obviously I don't know his financial situation, but I don't think this was a case of buying more than he could afford. There were a lot of extenuating circumstances that no one could have predicted. Poor guy.
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| Posted 10/14/08 8:27 AM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
Thankfully no, it is very sad
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| Posted 10/14/08 8:29 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
2 of my friends parents lost their homes in Nassau County due to forclosure.
They were their childhood homes they grew up in
very sad
One of DH's Friends called him the other night begging for 14k because he cant get any credit and he hasnt paid his mortgage and his condos are not worth what he paid
Very very sad.
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| Posted 10/14/08 10:02 AM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
My little brother. He was young (21) so he got an arm to get a decent rate, figuring he could fix up his house and refi. with no problem. He has a wife and 2 daughters. He did not buy more house than he could afford by any means, he just didnt have enough credit history for a fixed mortgage. He has fixed up the house completely on his own, but the market has dropped so much, it didn't matter. His mortgage went up, he was able to make a deal with them this summer, to lock for 2 more years. I just hope and pray it buys him enough time to get into a locked mortgage rate. He works his butt off, and does everything he can to stay afloat. He rents out the upstairs of the house, take side jobs, and continues to make improvements to his house. He doesn't deserve to lose it.
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| Posted 10/14/08 10:45 AM |
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JTK
my 4 boys!
Member since 6/06 7396 total posts
Name:
Kristi
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Re: Do you know anyone that is being affected by the housing/mortgage crisis?
We own a house that we are currently living in. We bought it at the height of the market. While we could have easily afforded a bigger more expensive house we bought this one thinking we would be in it for only 3 years (my kids were small and i wanted to live by my mother for babysitting reasons). in the meantime, we started building a home that my DH designed and is building himself. It is much bigger, beautiful and in a better school district. Unfortunately now we are paying for both houses and taxes and we can't even move foward with the new house because we won't be able to sell the other one. if the Mccain plan goes thru we will be even more screwed
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| Posted 10/14/08 11:10 AM |
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